Student Loan

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Refinancing means renegotiating your existing student loan: it can save you thousands of dollars in the long run.

The main reason why people refinance is to take advantage of benefits like only having one loan payment to manage, lower interest rates, and to get out of debt sooner. But not all refinancing options are created equal.

Interested in refinancing student loans?

Here are the top lenders of 2020!

Want more info? Check out our lender comparison table

What do I need to refinance my student loan?

To be able to refinance, you will typically need a minimum of $5,000 in loan debt, as well as a FICO score above 700. A stable income is a critical element.

If your credit rating is not so great, or your income isn’t as stable as a lender might desire, you can still refinance with a co-signer who does have those things.


What are the biggest reasons to refinance my student loan?

Refinancing your student loan means:

  • Saving money.
  • Paying off debt quicker.
  • Having one loan to manage.


What are the biggest reasons NOT to refinance my student loan?

With refinancing paying off your federal and private loans, you could be giving up:

  • Federal loan deferment.
  • Federal loan forbearance.
  • Federal loan income-based repayment plan.
  • Federal student loan forgiveness programs.

It is important to speak with your refinance service provider to understand the exact implications of having your federal loans consolidated with private ones.


How do I know if I’m eligible for refinancing?

CLICK HERE to head over to the LendKey application to get your personalized rate.

You’ll fill out some information about your schooling, your finances, and your current residence.

No need to worry: a soft-credit inquiry won’t impact your credit score, and this two-minute application form will provide you with rate and payment estimates.


Is student loan refinancing right for me?

Whether or not you should refinance your student loans will completely depend on your personal needs and situation. We know you hate that answer. Here are some questions to consider to help you make the right choice: Are you trying to save money on your monthly payment? Are you trying to decrease the amount of loan payments you have? Are you trying to decrease how much you are paying in interest?

If you answered YES to these three questions, it could benefit you to explore your refinancing options. Click here to explore them with LendKey.

Not sure where to start?

Not sure what lenders are looking for in the initial refinancing application?
We've put together a detailed checklist of everything you need!

How to apply for student loan refinancing guide

More Articles and Resources

Knowing the right time to refinance your student loans can be crucial to getting the most out of your offer.


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This couple refinanced their student loans and then started to live their lives again in a quick turnaround.


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With so many student loan refinancing plans out there, finding the right one is hard. That's where we come in.


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Find your rate in under two minutes

Refinancing your student loans can save you thousands or lower your monthly payment.